Fox Corporation Plans Dividend of $0.29 (NASDAQ:FOXA)

Fox Corporation (NASDAQ:FOXA) announced a dividend on Thursday, August 6th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of 0.29 per share on Wednesday, September 23rd. This represents a yield of 94.0%. The ex-dividend date is Wednesday, September 2nd.

FOX has raised its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. FOX has a payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect FOX to earn $5.76 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 9.7%.

FOX Trading Up 5.3%

FOXA traded up $3.09 during midday trading on Thursday, hitting $61.77. The company’s stock had a trading volume of 8,500,575 shares, compared to its average volume of 4,740,901. FOX has a 52-week low of $48.34 and a 52-week high of $76.39. The firm has a 50-day moving average price of $57.57 and a two-hundred day moving average price of $60.75. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The firm has a market cap of $25.96 billion, a P/E ratio of 16.30, a PEG ratio of 1.68 and a beta of 0.54.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.35. FOX had a net margin of 10.56% and a return on equity of 18.90%. During the same quarter last year, the company posted $1.27 EPS. The business’s revenue was up 28.1% on a year-over-year basis. On average, research analysts anticipate that FOX will post 4.96 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Wells Fargo & Company lowered their price objective on shares of FOX from $71.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, July 6th. Barclays dropped their price objective on FOX from $67.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, June 15th. Rothschild & Co Redburn set a $71.00 target price on FOX and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, UBS Group reissued a “neutral” rating on shares of FOX in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, FOX presently has a consensus rating of “Moderate Buy” and an average target price of $73.56.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.